Page 2 - Burzin Engineer News Today

The latest infusion is part of an ongoing $1-billion fundraise to build and scale new businesses and support UPI offerings.

PhonePe has raised another $100 Mn from existing investor General Atlantic and its co-investors as part of its ongoing $1 Bn fundraise.

The round is raised at a pre-money valuation of $12 billion, making PhonePe the most valued (privately-held) fintech firm in the country.

With this tranche, PhonePe has raised $750Mn from several global investors.

PhonePe operates in the e-commerce space with Switch and has services that are similar to its biggest rival, Paytm

Decacorn fintech PhonePe will use the fresh funding to scale up its payments and insurance businesses in India

The latest investment is the second tranche of the company’s ongoing $1 billion funding round that could see more global investors take part.

Founded in December 2015 by Sameer Nigam, Rahul Chari and Burzin Engineer, PhonePe offers a slew of financial services to users. PhonePe was acquired by Flipkart Group in 2016. Last financial year, PhonePe’s consolidated operating revenue more than doubled to ₹1,646 crore from ₹690 crore in FY21.

Walmart-owned fintech giant PhonePe has raised $350 Mn in a funding round led by General Atlantic, with participation from other investors

The fintech firm was last valued at around $5.5 billion in December 2020, based on multiple media reports